Mt Gox-Linked Wallet Just Made A Test Transfer ... Get Ready for Another Plunge

davis196

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Quote from: Smack That Ace on July 16, 2024, 06:27:59 AM

the next Fud will be Mt.gox and it seems like everyone is mentally prepared for this so I don't think there will be any bigger panic.

I wouldn't call the Mt.Gox sellout a FUD. A FUD happens when there's a price drop and nobody knows the exact reason for that price drop.
Another definition of FUD is when there are very negative news about crypto and the traders start panic selling. The news around Mt.Gox aren't negative. After all those years, the people, who invested their coins in Mt.Gox will get their BTC back. This is good news, not bad news and it shouldn't be considered FUD. The massive price drop isn't such a bad thing for the Bitcoin market. More traders and investors could use this price drop to accumulate more BTC before the next bull run.

Yaunfitda

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Quote from: Reatim on July 16, 2024, 10:20:06 PM

Quote from: ContentWriter on July 16, 2024, 05:49:10 AM

I see BTC plunging to $40k. What do you all think?

$40k might be a bit too low, imo. I don’t think bitcoin is going to reach that point.

I know there will a lot of fud since many people, mostly newbies, expect bitcoin to skyrocket after the halving event but all this downward trend is making them question the value of bitcoin. Further downward trend and they might really lose confidence in bitcoin.

But that is their mistake. This will not be the end of bitcoin and we should not treat it as such.

On the contrary, after the supposedly say, the price still continue to go up and break $65k and mostly going to look for the next psychological barrier of $68k. So there is no plunge as what the OP suggested, and the opposite happen. I think we should not be concern anymore, I know that it has been haunting us for years already, but then again, we are in the bull run and so it won't put any dent on the market or even the mentally of most investors here. We might just have to absorb it once again, and just wait for several days to settle down and we might be going back to the bullish sentiments.

Reatim

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Quote from: ContentWriter on July 16, 2024, 05:49:10 AM

I see BTC plunging to $40k. What do you all think?

$40k might be a bit too low, imo. I don’t think bitcoin is going to reach that point.

I know there will a lot of fud since many people, mostly newbies, expect bitcoin to skyrocket after the halving event but all this downward trend is making them question the value of bitcoin. Further downward trend and they might really lose confidence in bitcoin.

But that is their mistake. This will not be the end of bitcoin and we should not treat it as such.

OcTradism

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Quote from: examplens on July 16, 2024, 06:52:59 PM

This does not mean that all Bitcoin will immediately go on sale. Many of the MtGox "victims" are already experienced Bitcoiners, and they certainly know that there is a possibility of a large dump due to mass sales, so I believe that many will be restrained and possibly cash out a smaller part.
There is no parallel with what the German government did, which insisted on selling, regardless of waiting for a price correction.

Not all but some or many of them will sell and this creates panic in newbies in the market.

With 'victims' of Mt.Gox who actually have been continuing their 'jobs' in Bitcoin market many years after the Mt.Gox accident, they are very experienced now and they know that bitcoin they receive from Mt.Gox compensation is very big gift that can turn to be fortune, if they hold it. With those people, they will not sell immediately after receiving payments from Mt.Gox.

With 'victims' of Mt.Gox who left the market many years ago, and did not care about it recent years, they are possible sellers after receiving payments.

It's not easy to guess that selling pressure is big or small because we don't know how 'victims' will do?

Like me, if I lost 1 BTC to Mt.Gox accident about 10 years ago and now I receive 1 BTC from them, I would say, thanks God, Mt.Gox saved me and gave me a fortune. It's an example, I don't know how much Mt.Gox pay to 'victims' from what they lost years ago.

examplens

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Quote from: ContentWriter on July 16, 2024, 05:49:10 AM

I suspect that Mt. Gox is preparing for the big payments, as seen from this Arkham Intelligence data. Spotonchain positively linked the ad to Mt. Gox. 138,000 BTC liquidation is coming. I see BTC plunging to $40k. What do you all think? Wu Blockchain reported earlier today that Mt. Gox sent 526.952 BTC to an unmarked address. We can see the time at 14:39 UTC+8. This was followed by 42.587k BTC (approximately . $2.7B) made at 14:49 UTC+8. Then another 48.641k BTC at 16:12 UTC+8. These all went to unmarked addresses. While Mt. Gox creditors may be ecstatic, the consequence isn't lost on us.

This does not mean that all Bitcoin will immediately go on sale. Many of the MtGox "victims" are already experienced Bitcoiners, and they certainly know that there is a possibility of a large dump due to mass sales, so I believe that many will be restrained and possibly cash out a smaller part.
There is no parallel with what the German government did, which insisted on selling, regardless of waiting for a price correction.

coolcoinz

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I've been debunking this for a while now and there's always someone who starts with the FUD again.

Let me quote myself here:

Quote from: coolcoinz on June 25, 2024, 03:03:17 PM

Gox coins aren't going to flood the market. If you think that everything that Gox gives back to people will be dumped, think again. Most of these people had years to sell their claims and did nothing, patiently waited for the money to be returned to them, so many of these people are bitcoin believers. They thought that it would go up, so they wanted the real thing and were willing to wait a few years for it.
If 50% of them sell I'm going to be surprised.

I'm 100% sure some of the wealthy investors have reached out to Gox victims with deals years ago, offering to buy out their claims. This was a gold mine if you believed in bitcoin because these people would easily take 6 cents on the dollar when there was no deadline set by the trustee. In other words, most coins from MtGox are either already in the hands of long term holders or soon will be.

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Quote from: pakhitheboss on July 16, 2024, 05:58:06 AM

Don't worry about the plunge as it is something which is now become a normal for those into Bitcoin. The price goes down but it does come back to where it was after a few weeks/monts/years. Those who panick with such news will never understand Bitcoin or its potential. Those who don not will always be called as diamond hands.

The comeback of the Bitcoin price was due to the Trump saga that happened 2 days ago else we will just be flat in the market and the announcement of his vice used to be a Bitcoin pro, not sure about now but the two candidates are pro Bitcoin and that's why the market is looking green. This might not be a problem for holders but Bitcoin traders will be worried because they have leverage opened, if Mt.gox decide to distribute all that number of Bitcoin, it's going to affect the price.

If I remember correctly, in the last bull run Tera Luna dump about 32k worth billions of dollars in the market to defend their useless coin and that tank Bitcoin price by more than $10k, now imagine Mt.gox that has more than 100k to be given back to their affected customers. Let's even say the receivers will self the 50k Bitcoin, it will have a big down fall on the Bitcoin market no matter how you view it.

OgNasty

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I think the Germany plunge probably helped the mtgox situation. It squeezed out a lot of the future panic sellers while giving shorts more rope to hang themselves. No doubt this rise we’re seeing now will put pressure on those shorts to cover, helping absorb the mtgox coins. We’ll still see sell pressure from gox, but it’s not looking as bad as it was a few weeks ago.

Nwada001

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I think the people's minds are now made up, and they no longer accumulate fear as they used to when ever news of a possible large sale is being dropped.

Judging from the current market situation, Bitcoin is still showing strong support and is even more green as of the time I made this post.

Unless everyone who is going to receive their pay sells off all they are paid, I don't think the price can be affected as strongly as what the German government did to the market last time.

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Quote from: ContentWriter on July 16, 2024, 06:06:02 AM

I agree with you. Even if Bitcoin drops to $5k, I'll be very happy because it's rather an opportunity to own more.

Trust me it won't drop to $5k value ever! Those who got Bitcoin at $5k value were the lucky ones and such things don't happen again and again.

There's chance to see Bitcoin's bottom at $40k maybe if it somehow reaches the peak of $100k only but if it crosses it in this bull run then I guess the bottom won't be below $50k.

Dunamisx

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Sending bitcoin from one address to another doesn't call for any sudden or drastic change in the market price, though to an extent, this may still mean something or have a little implication on the market price, just as we have already know pr have been seeing many huge transaction from one wallet address to another and the market price wasn't influenced by any of these in most situations, with this, we can expect some changes and we may not as well observed any, but i don't think we may go dip below $50,000 this year.

Faisal2202

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Quote from: pakhitheboss on July 16, 2024, 05:58:06 AM

Don't worry about the plunge as it is something which is now become a normal for those into Bitcoin. The price goes down but it does come back to where it was after a few weeks/monts/years. Those who panick with such news will never understand Bitcoin or its potential. Those who don not will always be called as diamond hands.

Yeah they will understand Bitcoin and its potential if they stick to it. Because when they will calculate their profits if they do not exit the market at that time, they will be motivated to not leave the market the next time they enter. And this is just the first lesson for all newbies which they learn at dumps and realize at pumps. I think every one of us learned this the hard way. But if a newbie or a person regardless of any rank, sees the history of BTC and reads as many historic events as he could with full details, like what happens after every halving, what happen when a exchange start selling or distributing funds etc.

They will realize there is nothing to worry about, by worrying I mean, not to worry that it is going to zero or $15k again. Because BTC market has achieved a lot in recent times and it is not going to be zero. So by worry I mean, you can see some lose and to prevent it, stay active, once the news comes out that some authority is selling BTC, book some profit and then take re-entry. Although its not that easy as well.

SquirrelJulietGarden

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Quote from: aoluain on July 16, 2024, 06:31:54 AM

Absolutely, whatever negative outcome happens from this will be temporary, there will be buying
opportunities for the long term lookers from this.

Most of them only say and hope but don't response properly with market movements.

When Bitcoin price is high or say expensive, they hope to have cheaper price. They hope it for perhaps several months but when cheaper price and even cheaper than what they hope, they will become fearful, uncertain and get rid of their previous hope and plan.

It takes one or two market cycles to become true holder and to be confident with waiting plans for cheaper price, better entry and actually purchase when opportunity comes.

https://www.lookintobitcoin.com/charts/bitcoin-fear-and-greed-index/
In bear market or uncertain times in bull market, many bad news come, not only green or red color issue, and it's big challenge to keep up your plan and confidence.

PrivacyG

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No offense. But I find it silly and ridiculous to sit all day long panicked that somebody is selling their Bitcoin. So what? Buys and Sells happen every day, every minute even. I would not burst my heart over it.

I truly do not understand the fear. Let them do their thing. I find it weird when people rather hope the Sellers lose their Money just so Bitcoin does not take a plunge. It is what it is, we have waves of Buyers too. But these do not panic you, do they?

Solosanz

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Few days ago German Government dump all of their coins that worth for $3.5 Billion, but it only gives small affect to Bitcoin price. The bottom was happen on July 5, in that time German Government only sent around $300-500~ Million, while they dump all of the $2 Billion on July 8-12, but Bitcoin price tend to rise instead of continue to dump.

Mt.Gox have 3x amount larger than German Government, it doesn't enough to make Bitcoin price dump below $60K if there are no panic selling.

Quote from: ContentWriter on July 16, 2024, 06:06:02 AM

Even if Bitcoin drops to $5k, I'll be very happy because it's rather an opportunity to own more.

You wish, Bitcoin will not drops to $5K, not even in the future.

BABY SHOES

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I don't care about Mtgox who will soon make distributions to creditors in large numbers even though we won't worry about them creditors dumping BTC units with the multiplied profits they get in essence some are HODL some are selling it is normal.

We know that the German government selling Bitcoin has been a negative issue for weeks which has made the market red, after the news was over the price recovered so this is indeed temporary while the HODL will remain patient in dealing with it.

Quote from: ContentWriter on July 16, 2024, 06:06:02 AM

Even if Bitcoin drops to $5k, I'll be very happy because it's rather an opportunity to own more.

Prepare a spare budget to buy when the price really goes down.

aoluain

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Quote from: ContentWriter on July 16, 2024, 06:06:02 AM

Quote from: pakhitheboss on July 16, 2024, 05:58:06 AM

Don't worry about the plunge as it is something which is now become a normal for those into Bitcoin. The price goes down but it does come back to where it was after a few weeks/monts/years. Those who panick with such news will never understand Bitcoin or its potential. Those who don not will always be called as diamond hands.

I agree with you. Even if Bitcoin drops to $5k, I'll be very happy because it's rather an opportunity to own more. We all should pray that we hold enough cash whenever BTC price falls. What's obvious is that it has a future - a time it could always be above $150k.

Absolutely, whatever negative outcome happens from this will be temporary, there will be buying
opportunities for the long term lookers from this.

I love how the whole MtGox legacy is nearing its final chapter, a story which has been commented
and debated on for over 10 years - The release of Bitcoin to customers and creditors.

The expectation is that there will be a sell of and market drop resulting from people selling off
their massively profitable Bitcoins from ~$850

TravelMug

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Quote from: ContentWriter on July 16, 2024, 05:49:10 AM

I suspect that Mt. Gox is preparing for the big payments, as seen from this Arkham Intelligence data. Spotonchain positively linked the ad to Mt. Gox. 138,000 BTC liquidation is coming. I see BTC plunging to $40k. What do you all think? Wu Blockchain reported earlier today that Mt. Gox sent 526.952 BTC to an unmarked address. We can see the time at 14:39 UTC+8. This was followed by 42.587k BTC (approximately . $2.7B) made at 14:49 UTC+8. Then another 48.641k BTC at 16:12 UTC+8. These all went to unmarked addresses. While Mt. Gox creditors may be ecstatic, the consequence isn't lost on us.

https://platform.arkhamintelligence.com/explorer/address/1HRAprcXCzx1YqYv7dcCcDzf3vYVGPv3b2

Probably the reason why the price goes down to $63k'ish when we thought that we are going to $65k++? But in any case, we've seen the effect of the German government selling their stash and the lowest that we go is $54k.

But I guess smart investors are going to take this as another opportunity to fatten their wallet if the Mt. Gox coins started to move and affect the market. Nevertheless, could be just temporary setback. I mean we are already resilient of ever there are dumps and I don't see the market going to plunge and do a downward spiral to $40k.

Smack That Ace

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As many people have predicted, after the German government, the next Fud will be Mt.gox and it seems like everyone is mentally prepared for this so I don't think there will be any bigger panic.

Although the amount of bitcoin allocated to the market this time will be nearly 3 times larger than the German government, I do not believe bitcoin can drop to $40k. I believe that if everyone is mentally prepared in advance, it will help reduce market panic and be less prone to dumping. There won't be too much of a correction to bitcoin with the Mt.gox BTC refund, IMO.

ContentWriter

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Quote from: pakhitheboss on July 16, 2024, 05:58:06 AM

Don't worry about the plunge as it is something which is now become a normal for those into Bitcoin. The price goes down but it does come back to where it was after a few weeks/monts/years. Those who panick with such news will never understand Bitcoin or its potential. Those who don not will always be called as diamond hands.

I agree with you. Even if Bitcoin drops to $5k, I'll be very happy because it's rather an opportunity to own more. We all should pray that we hold enough cash whenever BTC price falls. What's obvious is that it has a future - a time it could always be above $150k.

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